Voice AI platform Observe.AI, on Tuesday (December 10), announced that it has raised $26 Mn in Series A round led by Scale Venture Partners. Nexus Venture Partners, Steadview Capital, 01 Advisors, and Emergent Ventures also participated in the funding round. This brings the company’s total funding till date to $34 Mn.
In conjunction with the funding, Andy Vitus, partner at Scale Venture, will also be joining Observe.AI’s board. Prior to this Series A funding round, Observe.AI had secured $8 Mn from Nexus Venture Partners in April 2018.
With the recently raised funding, Observe.AI will expand its team in both the US and Indian offices. Additionally, the company also plans to accelerate product development with the funds.
In addition to the funding announcement, the company has also announced a partnership with US-based tech giant Microsoft to bring AI-powered coaching and conversational insights to clients of both the companies through Microsoft’s Azure marketplace.
Swapnil Jain, CEO and cofounder of Observe.AI said that today’s customer service agents have a unique ability to emotionally connect with customers and are often a brand’s only frontline representatives.
Speaking about the recent funding, Jain added that this investment will fuel Observe.AI’s mission to elevate agent performance through AI-based coaching and insights.
Founded in May 2017 by Akash Singh, Sharath Keshava Narayana, and Jain, Observe.AI uses the latest speech, natural language processing, and deep learning technologies to analyse customer conversations and provide adaptive coaching to the AI-based platform. Notably, the AI-platform becomes smarter with each call analysis.
Narayana, who is also the CRO of Observe.AI, said that the company is expecting to see a 4X increase in annual recurring revenue (ARR) in 2020. “With plans to significantly expand our sales, marketing, and customer success teams over the next few months, we’re both eager and grateful to build on the momentum,” he added.
The company claims that over 100 clients have signed up with Observe.AI in the last 12 months. Some notable clients of Observe.AI include Microsoft, Talkdesk, TripAdvisor, Concentrix, ClearMe, and Root Insurance.